CARES Act Business Impact Summary

Many businesses will meet the qualification criteria, so don’t leave this money on the table.
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On March 27, 2020, President Trump signed the CARES Act bill into law. The relief package comes at a much needed time when many business owners are seeking guidance and support.
This summary focuses on the impact on business owners and their employee base. It is recommended business owners combine this information with an assessment of their current financial and operational situation and build a plan for the immediate future.

News & Resources

Conditions are changing hour-by-hour, and the end is unclear. It's essential to rely on your advisory team to help maneuver through each challenge and capitalizing on opportunities as they arise.

COVID-19 Small Business Recovery Loan Fund Now Available in Massachusetts

The Baker-Polito Administration Announces $10 Million Small Business Recovery Loan Fund. The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.

Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties. Businesses can apply for loans up to $75,000.

How to Apply: Complete the application found on MGCC’s website:

Completed applications can be sent via email to [email protected] with the subject line “2020 Small Business Recovery Loan Fund”.

MGCC can be reached by email: [email protected]

SBA Economic Injury Disaster Loans
Eligible businesses in all Massachusetts counties are eligible to apply for SBA Disaster Loan assistance. RI & CT are also approved. Some counties in NY,NH, VT are also approved.

This loan program is very different from traditional SBA programs: it is not done through banks, is done through the SBA directly. There are no SBA fees. The program goes up to $2M and interest is 3.75% for non-profits and 2.75% for nonprofits, which are normally excluded from SBA.

To apply or see if your county is eligible to apply, visit You can also access SBA Disaster Customer Service at (800) 659-2955.

CDC Learn More About COVID-19

Learn more at Centers for Disease Control relating to COVID-19:

DOL Effects Under FMLA

Effects on wages and hours worked under the Fair Labor Standards Act and job-protected leave under the Family and Medical Leave Act: 

DOL Expanded Family and Medical Leave Requirements

Families First Coronavirus Response Act: Employer Expanded Family and Medical Leave Requirements:

DOL Families First Coronavirus Response Act Q&A

DOL Families First Coronavirus Response Act Q&A: 

OSHA COVID-19 Overview

Infection prevention information specifically for workers and employers, and is actively reviewing and responding to any complaints regarding workplace protection from novel coronavirus, as well as conducting outreach activities:

SHRM Coronavirus Information and FAQs
Borrower Paycheck Protection Program Application

Over the past several weeks, we've spoken with companies, some in a strong position, and others with futures that are uncertain. Although every business is unique, our hope is this guide will provide meaningful discussion topics and provide a guiding light through the fog. As always, If you have any additional questions or concerns, please contact us directly. We are here to help.

Ryan P. Foley

Partner, Cunningham & Associates

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